If Chase’s Pay Yourself Back hasn’t been on your radar in a while, it may be worth brushing up on it.

Not only has this potentially lucrative option continued to expand to a broader list of Chase cards, but some redemption rates aren’t to be sneezed at.

Chase offers its Pay Yourself Back benefit on some cobranded credit cards, including Southwest Airlines cards, United Airlines cards, the Aeroplan® Credit Card (see rates and fees) and the Marriott Bonvoy Bold® Credit Card (see rates and fees).

Many of these current offers are valid now through Dec. 31.

Here’s everything you need to know about using Chase Pay Yourself Back.

What is Chase Pay Yourself Back?

In 2020, when most of the world wasn’t traveling, Chase introduced Pay Yourself Back as an ongoing redemption option within its Ultimate Rewards program to give cardmembers an alternative to redeeming points for travel. The categories have evolved over time, but the core purpose of the program has remained pretty much unchanged.

In short, the Pay Yourself Back option allows cardholders of many Chase cards to use points at a redemption value similar to booking travel. This won’t typically give you the same maximum value for your Ultimate Rewards points that you can get with strategic use of transfer partners.

However, it could be a good choice if you’re looking for a simple redemption or have a pile of points that you cannot immediately use.

With some airline cards now eligible for Pay Yourself Back, the rate at which you can redeem for some categories is over the average return you’ll likely get when using your rewards to book travel.

Related: The best Chase credit cards

What purchases are eligible for Pay Yourself Back?

Here are the current categories eligible for Pay Yourself Back:

Card	Redemption value	Current end date
	Qualifying charities: 1.5 cents per point Department stores, gas stations, groceries, home improvement stores and cardholder annual fee: 1.25 cents per point	Dec. 31
Chase Sapphire Preferred® Card (see rates and fees)	Qualifying charities: 1.25 cents per point Cardholder annual fee: 1.1 cents per point	Dec. 31
	Qualifying charities: 1.25 cents per point	Dec. 31
Aeroplan Credit Card	Travel purchases (up to 200,000 points or $2,500 annually) and cardholder annual fee (only purchases made at select merchants within 90 days before the redemption request date are eligible): 1.25 cents per point Amazon.com purchases (including Whole Foods Market), dining at restaurants, gas stations, grocery stores (excluding Target, Walmart and wholesale clubs), home improvement stores, select department stores and select utilities: 0.8 cents per point	Dec. 31 for Amazon, gas, home improvement stores, select department stores and select utilities (dining at restaurants, grocery stores and travel are ongoing categories)
United Airlines personal and business credit cards	Cardholder annual fee: 1.35-1.5 cents per mile (based on which card you have) United airfare purchases made directly with the airline of at least $50: 1 cent per mile	Dec. 31
Southwest Airlines personal and business credit cards	Cardholder annual fee within 90 days of transaction date: 1 cent per point	Dec. 31
Marriott Bonvoy Bold Credit Card	Travel purchases made directly with airlines or Marriott Bonvoy hotels (up to $750 total per year): 1 cent per point	Ongoing perk of the card
Disney credit cards	Purchases made at select U.S. Disney locations in Disney Parks and Resorts, Disney store and outlet locations in the U.S., DisneyStore.com, DisneyPlus.com, Hulu.com and Plus.ESPN.com in the past 90 days: 1 Disney Rewards Dollar per dollar Those with a Disney® Premier Visa® Card (see rates and fees) can redeem Disney Rewards Dollars toward airline purchases in the past 90 days with any airline at the rate of 1 Disney Rewards Dollar per dollar	Ongoing; no specific end date

The information for the J.P. Morgan Reserve, Chase Freedom, Ink Business Preferred and Ink Business Premier has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

The list of charities for Pay Yourself Back includes:

• American Heart Association
• American Red Cross
• Equal Justice Initiative
• Feeding America
• GLSEN
• Habitat for Humanity
• International Medical Corps
• International Rescue Committee
• Leadership Conference Education Fund
• Make-A-Wish America
• NAACP Legal Defense and Education Fund
• National Urban League
• Out and Equal Workplace Advocates
• SAGE
• Thurgood Marshall College Fund
• United Negro College Fund
• UNICEF USA
• United Way
• World Central Kitchen

Let’s say you wanted to redeem 10,000 points on your Chase Sapphire Reserve. For most purchases, you’ll get a $100 statement credit when redeeming 10,000 points.

But for those same 10,000 points, you’ll get a credit of $150 when you redeem them for an eligible charity donation.

Related: How much are Chase Ultimate Rewards points worth?

Requesting a credit

Requesting a credit through Chase’s Pay Yourself Back program is relatively straightforward. Log in to your eligible Chase account via the mobile app or desktop and select the “Pay Yourself Back” option in the redemption menu.

Next, you’ll see a list of eligible purchases for which you can redeem points. Points can be redeemed for purchases as far back as 90 days.

You can offset the full purchase amount, assuming you have enough points to cover it.

From there, you can confirm the redemption value and amount of points required and then choose to complete the transaction. Your statement credit should post within three business days.

Related: How to use Shop Through Chase to earn more points

Statement credit options on other purchases

Chase has long offered the option to redeem points for a statement credit — that’s not new. To do this, log into your Ultimate Rewards account, hit the drop-down menu and select “Cash Back.”

You’ll be given an option to enter the amount you’d like to redeem and where you’d like your rewards deposited. All cash-back redemptions are fixed at 1 cent per point, a little less than half of TPG’s October 2025 valuation of Ultimate Rewards at 2.05 cents per point.

That redemption value is also lower than many of the above Pay Yourself Back options.

Even so, Chase’s traditional cash-back option is more generous than what you can expect from some other issuers. You’ll get the same value when redeeming Citi ThankYou points for cash back, but Amex only offers 0.6 cents per point for this option. Capital One comes in last place, with cardholders netting just 0.5 cents per mile when redeeming for cash back.

Related: If I cash out my points and miles, do I have to claim it on my taxes?

Bottom line

Chase’s Pay Yourself Back feature provides valuable flexibility for many cardholders.

Ultimately, whether you should redeem your balance in this way depends on how you plan to use your points, how many you currently have and whether or not you’d benefit significantly from the statement credits.

Related: Supercharge your Chase Ultimate Rewards balance with these top 5 cards

One of the best ways to get a stash of points is to earn a credit card’s welcome offer. One of the best times to apply for a new card is when the bonus is elevated.

If you’re a Southwest Airlines loyalist, you’re likely on the hunt for Southwest Rapid Rewards points or an easy path to the coveted Companion Pass. Lucky for you, Chase’s suite of Southwest cobranded cards frequently offers solid bonuses for new cardholders.

We’ve compiled the offer history for each Southwest credit card to help you decide when to apply.

Note that we’re only discussing public welcome offers, and some targeted offers may be higher than what we’ve seen in the past. Offers can change at any time, and some of the bonuses discussed below are no longer available.

Best Southwest Chase welcome offers

Here is a list of the top bonus offers we’ve seen on Southwest credit cards (both personal and business), as well as our criteria for when you should apply.

Card	Best welcome offer we’ve seen	When to apply
Southwest Rapid Rewards® Plus Credit Card	It depends on bonus preference: a Companion Pass valid for a year plus 30,000 points, or up to 100,000 bonus points after spending $12,000 within 12 months.	When the offer is a Companion Pass valid for a year or you can earn upward of 75,000 points
Southwest Rapid Rewards® Premier Credit Card	It depends on bonus preference: a Companion Pass valid for a year plus 30,000 points, or up to 100,000 bonus points after spending $12,000 within 12 months.	When the offer is a Companion Pass valid for a year or you can earn upward of 75,000 points
Southwest Rapid Rewards® Priority Credit Card	It depends on bonus preference: a Companion Pass valid for a year plus 30,000 points, or up to 100,000 bonus points after spending $12,000 within 12 months.	When the offer is a Companion Pass valid for a year or you can earn upward of 75,000 points
Southwest® Rapid Rewards® Premier Business Credit Card	Earn up to 120,000 bonus points: Earn 60,000 bonus points after spending $3,000 on purchases within the first three months from account opening, plus another 60,000 points after spending $15,000 in the first nine months.	When the offer is more than 60,000 points
Southwest® Rapid Rewards® Performance Business Credit Card	Earn up to 120,000 bonus points: Earn 80,000 bonus points after spending $5,000 on purchases in the first three months from account opening and an additional 40,000 bonus points after spending $15,000 in nine months.	When the offer is more than 80,000 points

The information for the Southwest Rapid Rewards Premier has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Southwest Rapid Rewards Plus Credit Card

The Southwest Rapid Rewards Plus card is a good choice to dip your toes into loyalty with Rapid Rewards for a modest $69 annual fee.

Here are the recent offers we have seen on the card:

*Bonus offer value is based on TPG’s June 2025 valuations and not provided by the credit card issuer.

Highest welcome offer

The highest welcome offer we’ve seen on this card depends on bonus preference. One allowed new cardholders to earn a Companion Pass valid for a year plus 30,000 points. Another offered up to 100,000 bonus points after spending $12,000 within 12 months, though this hasn’t occurred since 2021.

The best welcome offer depends on whether you value a Companion Pass or a swath of Rapid Rewards points more.

When you should apply

We recommend you apply for this card when the bonus is offering a Companion Pass valid for a year or more than 75,000 points.

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Learn more: Southwest Rapid Rewards Plus Credit Card

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Southwest Rapid Rewards Premier Credit Card

The mid-tier Southwest Rapid Rewards Premier card comes with a $99 annual fee in exchange for multiple perks, such as an anniversary points bonus, an annual Companion Pass qualifying points boost and 25% back on inflight purchases.

Here are the offers we have seen on the card:

Approximate date	Offer	Value*
April 2025 to now	Earn 50,000 bonus points after spending $1,000 in the first three months of account opening.	$650
February 2025 to April 2025	Earn 30,000 bonus points and a Southwest Companion Pass (good through Feb. 28, 2026) after spending $4,000 on purchases in the first three months from account opening.	$390 in points plus an unquantifiable value for Companion Pass use
November 2024 to February 2025	Earn 40,000 bonus points and a $400 statement credit after spending $3,000 in the first four months from account opening.	$920
October 2024 to November 2024	Earn 50,000 bonus points after spending $1,000 in the first three months from account opening.	$650
September 2024 to October 2024	Earn 85,000 bonus points after spending $3,000 in the first three months from account opening.	$1,105
June 2024 to September 2024	Earn 50,000 bonus points after spending $1,000 in the first three months from account opening.	$650
June 2024	Earn 85,000 bonus points after spending $3,000 within the first three months from account opening.	$1,105
March 2024 to June 2024	Earn 50,000 bonus points after spending $1,000 in the first three months from account opening.	$650
February 2024 to March 2024	Earn a Companion Pass (good through Feb. 28, 2025) plus 30,000 points after spending $4,000 on purchases in the first three months from account opening.	$390 in points plus an unquantifiable value for Companion Pass use
December 2023 to February 2024	Earn 50,000 bonus points after spending $1,000 within the first three months of account opening.	$650
October 2023 to December 2023	Earn 75,000 bonus points after spending $3,000 within the first three months of account opening.	$975
July 2023 to October 2023	Earn 50,000 bonus points after spending $1,000 within the first three months of account opening.	$650
May 2023 to July 2023	Earn 60,000 bonus points plus a 30% off promo code after spending $3,000 on purchases within the first three months of account opening.	$780
March 2023 to May 2023	Earn 50,000 bonus points after spending $1,000 on purchases within the first three months from account opening.	$650
February 2023 to March 2023	Earn a Companion Pass (good through Feb. 28, 2024; excludes taxes and fees from $5.60 one-way) plus 30,000 points after spending $4,000 on purchases in the first three months from account opening.	$390 in points plus an unquantifiable value for Companion Pass use
November 2022 to February 2023	Earn 75,000 points after spending $3,000 in the first three months from account opening.	$975
July 2022 to November 2022	Earn 50,000 bonus points after spending $1,000 on purchases within the first three months from account opening.	$650
May 2022 to July 2022	Earn 75,000 bonus points after spending $5,000 on purchases within the first three months from account opening.	$975
April 2022	Earn 40,000 bonus points after spending $1,000 on purchases within the first three months from account opening.	$520
February 2022 to March 2022	Earn a Companion Pass (good through Feb. 28, 2023) plus 30,000 bonus points after spending $5,000 on purchases within the first three months from account opening.	$390 in points plus an unquantifiable value for Companion Pass use
January 2022	Earn 40,000 bonus points after spending $1,000 on purchases within three months from account opening.	$520

*Bonus offer value is based on TPG’s June 2025 valuations and not provided by the credit card issuer.

Highest welcome offer

Two previous offers on this card could be considered the best. One offered new cardholders a Companion Pass valid for one year plus 30,000 points. The other offered up to 100,000 points after spending $12,000 within 12 months. However, that last offer hasn’t been seen since 2021.

When you should apply

It’s a good time to apply if this card is offering more than 75,000 points or the chance to earn a Companion Pass valid for a year.

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Learn more: Southwest Rapid Rewards Premier Credit Card

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Southwest Rapid Rewards Priority Credit Card

The Southwest Rapid Rewards Priority is the best personal card option for Southwest loyalists, coming in with a $149 annual fee.

Cardholders will receive a higher anniversary points bonus than the Southwest Premier, four upgraded boardings per year, a $75 Southwest travel credit and unlimited tier qualifying points earning through spending on the card.

Here are the offers we have seen on the card:

*Bonus offer value is based on TPG’s June 2025 valuations and not provided by the credit card issuer.

Highest welcome offer

Like the two other personal Southwest card options, this card’s best offer depends on what you prefer to earn. One bonus allows new cardholders to earn a Companion Pass valid for a year plus 30,000 points. The other highest offer, which hasn’t been seen since 2021, offers up to 100,000 bonus points after spending $12,000 within 12 months.

When you should apply

If this card is offering a Companion Pass valid for a year or more than 75,000 points, the bonus meets our criteria for when to apply.

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Learn more: Southwest Rapid Rewards Priority Credit Card

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Southwest Rapid Rewards Premier Business Credit Card

Small-business owners who fly often with Southwest will appreciate the Southwest Rapid Rewards Premier Business card. For a $99 annual fee, cardholders will earn an anniversary points bonus and various travel protections.

Here are the offers we have seen on the card:

*Bonus offer value is based on TPG’s June 2025 valuations and not provided by the credit card issuer.

Highest welcome offer

The highest welcome offer we’ve seen on this card allowed new cardholders to earn up to 120,000 bonus points. You could earn 60,000 bonus points after spending $3,000 on purchases within the first three months from account opening, plus another 60,000 points after spending $15,000 in the first nine months.

When you should apply

We recommend you apply for this card when the offer is worth more than 60,000 bonus points.

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Learn more: Southwest Rapid Rewards Premier Business Credit Card

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Southwest Rapid Rewards Performance Business Credit Card

Southwest’s top-tier business card, the Southwest Performance Business card, charges a $199 annual fee but comes with a long list of perks. These include anniversary bonus points, four upgraded boardings each year, unlimited tier qualifying points earning and credits for inflight Wi-Fi purchases.

Here are the offers we have seen on the card:

*Bonus offer value is based on TPG’s June 2025 valuations and not provided by the credit card issuer.

Highest welcome offer

We’ve previously seen a bonus on this card that allowed new cardholders to earn up to 120,000 bonus points. You could earn 80,000 bonus points after spending $5,000 on purchases in the first three months from account opening and an additional 40,000 bonus points after spending $15,000 in nine months.

When you should apply

If the bonus on the card is worth more than 80,000 bonus points, it’s a good time to apply.

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Learn more: Southwest Rapid Rewards Performance Business Credit Card

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Bottom line

Waiting for a heightened welcome offer is generally a good idea. This can be especially good for Southwest credit cards, which often offer solid bonuses that include Companion Pass deals or elevated Rapid Rewards points.

Before you apply for a new card, always be sure you can meet the minimum spending requirement.

To learn more about credit card bonus offers over time, see the following: